The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1887-05-27
NUMBER 10.
SOME WALL STREET TERMS.
-Puts,~ "Csils," ~pTosds and StrNd
dies Thea ius~Uttrus of Mr.. glasssl
sage Ctes.riN - Pts.acd.

sage Ctes.rt, tsrll,aae,i-
Russell Sag, irse ted puts calls
" spreads and .~trstfI.S Ha br-
gan dealing lu yASu when hs first came
70 alt street ID lr6l. after hts With
crawat from Congress and he has been
dealing To them ever since. ard the
stock markets ~ ta" world have taken
Up -hi> Ingenious ~.erl.attya device o.
NJ SE-s'~ srt -tH. pr.y# lees are last
as FvsI aunEl v- t..a l..I,iuel a. brarses
to-aay ar lH -.e London market IS they
are here. aEt tE . ..ra ar-s.y .ealt ia
Iantan rog.a-,~ ..at Ele lom,ncIa-
tuT 80 fsr AS .. spreads" and Sfraf-
Gle aTe ,.rrHrlyl ~ rot rer I'd aud
calls them t.4ereu-ty. L8t WHAT ey deal
IN are American stock privileges .usI the
same
And what are puts .eeIrs.'
spreads aEt 'strz stles o. H asked tie
writer when he FIRST went down or Wall
street
% Well ssit the nfteutiaI clerk Of
Russo. Ssge. q whom rhe question wss
Es1ed III tel y04 u you promise
EeFer % Ee. ton the Voegcal sll,ecs
sg1iE- l. requires pretty 5ett wort.ug
10 make the t-tug clear SO % Is not a.
eShllarsruE s-b.ec' 10 talA on
%. You hear "a great deals about 'Tuts
and calls G-t ] Ilrs q say there
sre 50 Qyg. .pgg ge1rlrln tue In ted states
wast the meaning Is % tie word priv
Ieges
Now . privilege IS 81 contract by
which the maker = q. Russell ~ar6
y. White. JAY o lsliG gr Haryrs f-n.
necy, elEsEes q purchase .gom The
holder Dr. tie one case or sell (. 'h-
holder ln the other case e number OF
shares ot some specified stora. o. s Ger
Tain price 81 any IlLe w.Eg.a q cgr.a.u
period 81 The 0Pl0u % the Aalcer. 90.
that.
a call Is privilege bought of the
maker. a. 3 certain price and tie owner
Q: II ls privileged 20 call for certain
amount Of stock a. given price wIcalr
talrly. sixty CT ninety Cays. four OF s.S
months
IL q us1 holds g put he has the
right - deliver - the maker Of the
privilege q sock a. certain arreet
Vfce within q certain number Of DAYS
C-esE. No. Wei. lets try once more.
S-gEose Western Union f. selling IL
20. man wa,ts e slSty-day put on
Il a. ng because he lei ewes The stock f.
go.as down. De gives ~ sage. Mr..
White 1'r. Kennedy or NJ Gould per
cent OF t-e amount q stock he wants 70
Cea u
"a hundred shares is usual. and ] Der
Cen. IS 500. he receives Iu r-tgrr d
s-l. % lsI.r .Euec uy Cher one g, tac
clA't N1 e~e gentle ...efl- Then =
" ester" lnioa goes Below @. atthtn
s-A[! Gays Pc may buy l} fgT a-vseT
il ls sea-s FOR below gAa. price. end
f-- .- o. s.v '-ao'f of --o Tr-' LeTs a.
TIE u. aEle"l p" vy. ali receive =
c-e-S or $1,000. Tie holder makes lie
c-LeteIc"-
"A yo- understand.
" y I'-"sr&gh aoes no: go below &C,
tAe hg Ger ls y1l MS slvl
me c-# business operates exactly
10 '-e opposite way man tu3s TIE
lI-'AeEe Of calling " eslern Union al
20, ".gn 4; Is selling a. 10. II l1 sells
above b. you cau call on the mukrr uf
the privilege Tor hundre- shares a. -.
snc tue hundred shares are thus bought
BY The holder for =. 5Js. and he turns
arc -H1 and sells II al % y the stock Is
st4--. mere ana pocNe,s the cltcr-
., 's "-'- '.''7 "AA Sl'ao
'A' ''- 'Atl
..t
,. .-N '.."N'i '' ''' i''.' ..'5' ~
come A.s.A Pee. ." use
.- .... eve. say
-
90. ... Wy l-,